Kelly Services sees slight decrease in Y/E revenue
Kelly Services has announced its results for the fourth quarter and full year of 2015, confirming $1.5 billion and $5.5 billion in revenues respectively.
Carl T. Camden, president and chief executive officer of Kelly Services, announced revenue for the fourth quarter of 2015 totalled $1.5 billion, a 3% increase (a 7% increase on a constant currency basis) compared to the corresponding quarter of 2014. Revenue for the full year totalled $5.5 billion, a 1% decrease (a 5% increase on a constant currency basis) compared to the prior year. Fourth quarter 2015 and fiscal 2015 include 14 and 53 weeks, respectively.
Earnings from operations for the fourth quarter of 2015 totalled $26.5m, compared to $2.6m reported for the fourth quarter of 2014. The results of operations in the fourth quarter of 2014 included restructuring charges of $6.2m. Excluding the restructuring charges, earnings from operations were $8.8m in the fourth quarter of 2014.
Earnings from operations for the full year of 2015 totalled $66.7m compared to $21.9m in 2014. Included in the results from operations for 2014 are restructuring charges of $12.0m. Excluding this item, earnings from operations were $33.9m in 2014.
Camden commented, "Kelly's fourth quarter performance capped off a year of solid earnings growth, and we are very pleased with our strong operating leverage and strategic execution throughout 2015. All told, excluding the 2014 restructuring charges, we dropped nearly 70% of our full-year constant currency GP dollar growth to the bottom line. Kelly has entered 2016 as a more efficient organization keenly focused on profitability…and we expect our investments in PT and OCG to continue yielding results as we expand Kelly's role as a trusted talent advisor to our clients worldwide."